SteelMint: Raipur billet index drops INR 500/t on limited demand - 6 Oct

SteelMint's daily steel billet index is assessed at INR 46,900/tonne (t) (-INR 500) exw-Raipur on 6 Oct'21.

About 2,350 t of transactions in billets were recorded by SteelMint today against 5,300 t on 5 Oct.

The index moved down due to limited bids as well buying interest in the spot market following weak demand in finished products. Amidst low demand, trade discounts have been increased in wire rod today by INR 300-500/t, SteelMint notes.

• This index has been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given a weightage of the balance 50%.
  
  
• Transactions (T1) - Four trades were recorded in the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which one trade was recorded at INR 47,000/t, and one deal each at INR 46,900/t, INR 46,800/t, and INR 46,700/t. The average price of these four transactions was INR 46,878/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 46,950/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 46,914/t, rounded to INR 46,900/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative